Savannah morning news. [volume] (Savannah) 1868-1887, 1887-04-04
CAROLINA,S CHIEF PORT,
A Hard Year Tor the Railroads
Truck Farmers Bankrupt.

Truck Farmers Bankrupt.
CHARLESTON, April 2.-This has been
a hard year with the railroads leading
into Charleston. The South Carolina
railway, 1t was first thought, would de-
fault in the payment Of its April coupons
and the effects of this rumor, which
seemed well founded, were its first mort
gage bonds, mostly held in New York,
tumbled from 107 to SO. A meeting of the
directors was held last week and
while it was admitted that the road bad
not earned sufficient to pay the April in
terest on its bonds 1t was announced that
other arrangements would be made to
meet the situation and the April coupons
will be paid. 1t IS understood that the
money was raised by issuing new de-
bentures, which fact will scarcely tend
to bring up the price OF the fiji st mortgage
bonds.
CAUSE OF THE DEFICIT.
The cause for the deficit in the earnings
is set down to the short crops, the cost of
changing the gauge and the losses by the
earthquake.
The coast line seems to have Jared lit
tie better or rather little worse, not the
main line but the branch lines. President
Ravenel announces to-day that the
Cheraw and Salisbury railroad will be
unable TO meet its April interest amount
ing to about $4,000. The debt amounts to
about 1871 900. The failure to meet the in
terest is because the road cannot earn
the money. He recommends a rearrange-
ment of the debt on spirit of compro-
mise, say at the rate of per cent. instead
of
THE COAST LINE LINKS.
The Northeastern and Charleston and
SaVanD ah do not pay interest until July,
and both roads are expected TO be able to
come up TO time owing chiefly to the
heavy Northern travel in the winter and
spring.
The Eutaville railroad, new road
built from the fOrty-One mile station on the
South Carolina railway, and running
through hitherto undevelOped section
in the direction of Sumter, has paid its
April interest, and the Ashley Run rail-
road, the connecting line between
the Charleston and Savannah and
Northeastern railroad, also pays it's inter-
est. The banks are the only institutions,
always excepting the phosphate COM
panIes, that seem to hold their own. Bank
stocks are quoted to-day as follows:
Peoples National $205, par 500; First
National $2l0, par 800; Bank of Charles
ton National) $l25, par 500; Loan and
Trust Estate bank $S8, par 800; Charles
ton Savings Institution $3.50, par 500;
Hibernia Savings Bank $l20, par $780,
The stock OF the remaining two banks,
the Germania and the Carolina, both
savings banks, are held by close corpora
tions, and are not on the market.
TRUCK FARMERS BANKRUPT.
The truck farmers will be practically
bankrupt. The two frosts in March.
while not so destructive, set back every
thing, and killed most Of the early peas,
potatoes and cucumbers. There were
few cabbages TO kill, owing TO the drought
which followed the earthquake. Yester-
day was IA cold, wet day, with icy winds
under the influence of which the mercury
went down this morning to freezing
point, and it is thought this last blow will
be the coup de c9ur to nine-tenths of the
farms. THE blow adds to the general
depression which is painfully apparent
in business circles here.
THE CALHOUN MONUMENT.
The action OF the committee of the Cal
houn monument, or at least its nom
action, is the subject OF very great indig-
nation here. Alter long discussion it
seems to have been definitely decided that
the State militia is to be given place in
the procession and that the assOcia ton
will contribute $500 TO the entertainment
OF the soldiers, but the committee has
changed its opinion so often that the
statement carries no certainty with it.
The INGREDIENTS Of the city promise to
raise all the FUNDS necessary to entertain
the soldiers, but can do nothing until the
committee gives assurance that the SOL
diers will have place in the procession.
At present it looks as If the great Cal
houn day will peter out into very slim
and half local affair, and that Secretary
Lamar will have to deliver his grafton to
a handful Of old fossils. The community
is fast becoming thoroughly Disguised